Something I’m thinking about today. Phantom wins.

When getting a deal over the finish line, don’t get sidetracked pushing hard for things that seem like a slam dunk but don’t really count and may put you at a disadvantage negotiating elsewhere.

One example: Over restrictive non-compete. You may convince a seller to give you a big area for a solid chunk of time. Good job. It’s probably unenforceable. You also may have put yourself on weaker ground elsewhere if the seller thinks they’ve just made a big concession.

The idea is that in a multivariate negotiation the perception of wins/losses is just as important as the reality of them. If a seller perceives a concession and you’ve gained nothing in reality you’ve just taken an L.